1.01 Understand the purpose and functions of business, types & classes of business part 1

Purpose of business

Businesses fulfill the needs and wants of the consumers by selling goods or services or both.

Examples of goods

Clothing,Cars,Computers,DVDs,Personal Care products

Examples of services

Hairdresser,Dry Cleaner, Nail Technician ,Waitress,Lawn Care,Babysitting

Profit Motive and helps the consumer

Reasons or motivations to start a business

examples of wants

TVs, sodas, candy bars, jewelry, and make-up.

accounting

a system of recording and reporting financial activity and transactions

customer

also viewed as a consumer

management

employees whose job is to make sure that the organization meets its goals and obligations in every department or function of business

examples of needs

food, shelter, clothing, and water

human resources

manages the personal relations within a company: helps develop skills and knowledge necessary to be successful whil on the job

Understanding the purpose of business

name of unit

Wants

not necessary for our survival but add pleasure and comfort to our lives

Products

physical goods or services that can satisfy consumer needs

the four Ps of marketing

price, place, product, promotion

consumer

someone who uses goods or services

operations

the back office of the business and involves all the behind the scenes paperwork that must be finished in order for transactions to be completed

marketing

the process of satisfying the needs and wants of consumers through exchange

information technology

the use of technology to share information to others such as coworkers, customers, and suppliers

Needs

things that are necessary for survival